Crypto Industry News:
Contrary to the growing global adoption of Bitcoin, physical ATMs dedicated to fiat-crypto conversions are in decline. In March alone, 3,627 crypto-ATMs were removed from the network, bringing the total number of ATMs down to 33,727.
In the decade since the launch of the first Bitcoin ATM on October 29, 2013, the net change in the number of cryptocurrency machines installed and removed per month has generally remained positive, implying a steady increase in the number of crypto ATMs around the world. However, according to data collected by Coin ATM Radar, the trend is reversing.
Crypto ATM installations fell for four months between September 2022 and March 2023. In March this year. 3,627 crypto ATMs were shut down, marking the biggest monthly drop.
An analysis of the number of Bitcoin ATMs installed over time showed a sudden drop in the total number of crypto ATMs. The significance of this reduction seems huge considering that the highest number of ATMs installed in a month was 2,048, in January 2021.
Fortunately, April broke a three-month decline with 37 crypto ATM installations on the first day of the month. Currently, the leaders of the crypto-ATM production market are General Bytes, BitAccess and Genesis Coin.
Technical Market Outlook:
The BTC/USD pair has been seen consolidating inside a narrow zone located between the levels of $28,878 - $29,184 (swing high) for the last 10 days and the bulls still do not heave enough momentum to test the psychological level of $30,000. The 50 and 100 moving averages are now in line on the very same level, so the bears took the opportunity and broke below them. The next target for bears is seen at the level of $27,533 ( 31st March low) and then at $26,620 (28th March low). The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for Bitcoin.
Weekly Pivot Points:
WR3 - $29,056
WR2 - $28,427
WR1 - $28,051
Weekly Pivot - $27,798
WS1 - $27,422
WS2 - $27,169
WS3 - $26,540
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
